The markets pushed higher today despite news from the White House about Trump eliminating the manufacturing council as the CEO departures came in full force today. As CEO's left the panel Wall Street sold off from its highs and was unable to get back there. The Dow 30 added 23, the S&P 500 closed up 3, and the Nasdaq 100 gained 12. Tomorrow traders will get a look at unemployment claims as well as manufacturing numbers.
Urban Outfitters (URBN ) was one of the retailers to report earnings today which caused a spike in shares of over 17%. The clothing retailer announced earnings, revenue and same-store sales for last quarter which all came in better than Wall Street's predictions. According to the report, the good report was "driven by strong performances at its Free People and Anthropologie chains." Analysts were once again forced to question Amazon's (AMZN ) real impact on the individual retailer.
Target (TGT ) shares also enjoyed a strong day today following their earnings release. The large, department store chain announced earnings and revenue for the second quarter that beat the streets expectations. Same store sales showed an improvement which also helped fuel the bulls' thirst for risk in the troubled sector. Shares are still lower on the year by over 20% but many claimed a turning point today in the financial media.
Apple (AAPL ) shares popped to new highs today as the tech giant announced a $1 billion budget for original content over the next year. The Wall Street Journal was first to report the news and stated that the "budget is about half what HBO (TWX ) spent this year and around the same as what Amazon (AMZN ) spent when it first launched original programming back in 2013." Shares of the popular "FANG" stock are now up almost 40% on the year.